The Kodak-branded bitcoin mining rigs unveiled at the CES technology trade show this year will no longer be available to mine for customers. Amid scam accusations, the company behind the Kodak Kashminer crypto mining scheme has reportedly confirmed the plan has collapsed, citing intervention by the U.S. Securities and Exchange Commission.

Kodak-Branded Mining Rig is No More

Kodak Kashminer on display at CES.

A Kodak-branded mining rig was on display on Kodak’s official stand at the CES technology trade show in Las Vegas in January. The Kodak Kashminer is a product of Spotlite USA, one of many companies that license the Kodak brand to put on its own products. The miner was unveiled at the same time as Kodakcoin, as news.Bitcoin.com previously reported. Read more...

Turkey’s so called “national” crypto, Turcoin, has turned out to be a classical example of a Ponzi scheme, local media reported. The founders of the “alternative” digital currency are believed to have fled the country with millions of dollars collected from defrauded investors. The company behind the Turkish token stopped distributing dividends earlier in June.

A US federal court has indicted three founders of a company purported to offer cryptocurrency-related financial products and have raised $ 25 million in an initial coin offering. In addition to claiming to have licenses in 38 states, the company also claimed partnerships with Bancorp, Visa, and Mastercard to issue its own cards.

A group of police officers in India have been arrested for an alleged Bitcoin extortion plot where they kidnapped and beat a businessman for his cryptocurrency.

It seems that crimes associated with cryptocurrency just continues to rise. Each week brings new media reports of ransomware attacks and cryptojacking. There have also been quite a few incidents of face-to-face criminal attacks over cryptocurrency, which usually ends in the police being called in. However, what to do when the perpetrators of a Bitcoin extortion scheme are the police? Such is the case in an incident in India.

What Is USI Tech? USI Tech (United Software Intelligence Technology) is a technology company that claims to have built the world’s first automated trading platform for Bitcoin. Since May 2017, the company has focused on providing Bitcoin packages that allow customers to automate their Bitcoin mining and trading. This focus has proven to be particularly […]

Brazil’s Securities and Exchange Commission (CVM) recently suspended the operations of mining investment scheme, Hashbrasil. The CVM has accused the company of violating securities laws by conducting an unregistered public offering.

Canada has unveiled a government Blockchain identity prototype while declining to change Bitcoin tax rules at the World Economic Forum (WEF) 2018.

‘We Don’t Plan Any Overhaul’ – Finance Minister

As multiple sources report Monday, the country’s finance minister, Bill Morneau, said the government “has no plans” to change tack on how cryptocurrency is treated under Canadian tax law.

“We don’t have any specific Bitcoin or cryptocurrency overhaul,” he told Bloomberg on the fringes of the event.

The comments contrast with those of central bank chief Stephen S. Poloz, who, in a presentation in December, called Bitcoin one of the things that “keeps him awake at night” and cautioned on investment.Read more...

In an interview with CNBC earlier Tuesday, former Wells Fargo CEO Richard ‘Dick’ Kovacevich denounced Bitcoin as a pyramid scheme.

First, it was economist Robert Schiller calling Bitcoin a “bubble”. Then JP Morgan CEO Jamie Dimon added his pontificating opinion to the mix, labeling it a “fraud.” Now it looks like Wall Street talking heads are doubling down on the stupid.

Yesterday, in an interview on CNBC’s Squawk on the Street, former Wells Fargo CEO Richard Kovacevich pronounced Bitcoin a pyramid scheme:

I think it’s a pyramid scheme. It makes no sense. I’m just surprised it isn’t even lower. Read more...

Sergei Mavrodi, the man behind the MMM pyramid scheme in Russia that resulted in at least 50 suicides, is back and relaunching his Mavro cryptocurrency.

The crypto world can be a dangerous place. Not only do people have to contend with criminals hacking exchanges and emptying wallets, there are lots of shady characters pushing ICOs and other get-rich-quick schemes. One of the most outright brazen fraudsters is Sergei Mavrodi, the man behind the MMM pyramid scheme in Russia, and he’s back to relaunch his Mavro token.

The US-based mining platform, who cheated thousands of investors out of millions of dollars, now has to answer for their crimes after they were caught in South Korea.

The crypto industry has had its fair share of negative press over the years. However, its allure cannot be ignored. The fact that it continues to grow in price and popularity makes people want it even more. Based on its upward trajectory, who wouldn’t want a piece of Bitcoin? Read more...